BE THANKFUL…FOR TEMP & CONTRACT PLACEMENTS!

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Be thankful for how many lives our profession touches. A good healthy business environment helps people find gainful employment. Recruiters and back-office providers benefit as well by the increased economic activity. Rising employment numbers and increased disposable incomes spur the economy to further gains. The present good economic outlook as indicated by a new industry forecast by Staffing Industry Analyst, estimates the US temporary staffing market to rise by 3% both this year and in 2018 bringing total revenue in the industry to approximately $125.6 billion.

According to ADP/Moody’s, approximately 31,000,000 total job openings are estimated to be presently available, with the bulk being unpublished or filled internally, via networking or other means. A record 6,200,000 published jobs were reported in September by the Bureau of Labor Statistics (BLS). The unemployment rate for September dropped to about 4.2%, a further indicator that we should be thankful for the blessing of an improving economy!

Many employers cite shortfalls in labor availability as a major problem. With job gains expected (according to the BLS) to average about 175,000 per month for this year, the lack of qualified labor is expected to continue to be a problem. Be thankful that temp and contract placements often are viewed as a vehicle for firms to obtain the needed labor to continue to operate and to grow while sourcing more permanent workers.

Be thankful for Baby Boomers that are retiring at an ever-faster pace. These high-experience workers are often an excellent source of labor for temp and contract placement. According to Google, Baby Boomers are reaching retirement age (65 years) at a rate of approximately 10,000 per day. Baby Boomers can be thankful as well that a temp or contract placement can provide them the ability to stay active and to stay involved in the workforce while making additional income, often at a higher pay rate than before retirement.

Be thankful for Millenials that now make up a majority of the workforce as cited in Quartz Media LLC. Contingent workers, including temp and contract, the citation continues, now make up about 34% of the US labor force, representing an ever-growing market segment! Temp and contract labor is a “way of life.”

Statistics cited in IBISWorld (April 2017) indicate that there are about 300,000 recruiters and about 27,000 recruitment firms active in the US. With the ever-expanding temp and contract market, recruiters should BE THANKFUL…FOR TEMP AND CONTRACT PLACEMENTS!